Page 62 - economic report 2019

ANDORRAN EXPORTS TO ASIA - Thousands of euros Chart 7.6

8,000
7,000
6,000
5,000
4,000
3,000
2,000
1,000
0
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
United Arab Emirates Hong Kong China Rest of Asia
Source: Department of Tax and Frontiers.

Asian market, with 33% growth). Another traditional market, the United Arab Emirates, recorded
an increase in Andorran exports of 3.1% and maintains a proportion of 0.9%, the second most
important after Hong Kong. All in all, the Asian continent’s share of the total rose from 5.1% in
2018 to 5.5% in 2019. Finally, we should mention the steep downturn in exports to Africa (-72%),
making this market almost insignificant to the Andorran economy.

In summary, Andorran exports are ever more focussed on the Spanish economy. Developments
outside that economy are quite erratic and influenced by one-off transactions and the trend in
60
imports for re-export. In 2019, exports outside the European continent benefitted from euro
depreciation and the upwards trend in sales to the USA was notable, for the fourth consecutive
year, as were sales to the Asian continent.

3. Sectoral composition of foreign trade

3.1. Imports

The Andorran economy: general developments | VII. The foreign sector
The low growth in Andorran imports in 2019 is the result of uneven trends in sectoral groups. The
highest positive contributions were from food, beverages and tobacco (0.6 percentage points),
works of art and antiques (0.5 percentage points) and transport material (0.4 points). At the other
extreme, the groups that detracted most from import growth are base metals and pearls, precious
stones and metals (-0.5 and -0.3 percentage points, respectively).

A more detailed analysis shows that in 2019, Imports of food, beverages and
growth in imports of food, beverages and tobacco, the group with the highest
tobacco, the group with the highest percentage
of the total, accelerated from 0.4% in 2018 to percentage, grow 3.8%.
3.8% in 2019. As a result, its share of the total
increased half a point to 15.2%. The most important chapter in this group is beverages, alcoholic
liquids and vinegars, with 5.9% of total Andorran imports and an increase of 2.4% compared with
the previous year. The second most important chapter is tobacco, with 2.2% of the total, seeing
an increase of 5.0%, much higher than for imports as a whole.

The second most important group in the imports ranks is transport material which, as already
stated, made a positive contribution to global import growth, thanks to the 3.0% increase it saw